Litecoin (LTC) is generally considered as a peer-to-peer cryptocurrency which is released under the MIT/X11 license. The coin is based on an open source cryptographic protocol. This coin is not managed by any central authority and its technical details are nearly same as Bitcoin (BTC). This coin founded by Charlie Lee, ranked 5th in Coinmarketcap.com (as of 2nd April 2018) with Market Cap $6,626,589,535, trading price $118.55 and Volume (24h) $300,155,000.
The coin is one of the top 90 cryptocurrencies on Coinmarketcap.com and it has been greatly affected by the bearish trend of the last two weeks on the cryptocurrency market. According to the market experts, Litecoin (LTC) shows little signs of possibilities to recover before Mid-April. The reason behind this entire downtrend can be traced as a general market sentiment. According to this, LTC or Litecoin may face some issues at this moment. Litecoin or LTC/USD has seen the downfall of -28.56% over the last 7 day trading period, and thus, it has settled below the $120 mark. If it does not get huge support, then, there is a possibility that it will break at sub-$100.
It is true that Litecoin is in a downtrend and the LitePay project helps in pulling up Lee’s dream for Litecoin. The coin that is looking for a new phase, currently facing a downfall and the collapse of the LitePay initiative has further worsened the matter. There was much discussion on the Litecoin camp on how to slip into the transactional market. The adoption of the LitePay strategy has been seen as a road to recovery. Its association with Amazon and Starbucks is also considered to be another huge possibility for the Litecoin.
The Outcome of the Bearish Trends
However, you must remember the fact that the coin that is ranked 5th on the Coinmarketcap.com, has seen some downfall, because of its competition with some of the projects. If it becomes failure to slip into the mainstream use then, the risk of the downfall further increases. The Abra wallet app also plays a vital role in recovering the possibilities of the Litecoin. Weeks before the bearish trend appear in the market the Litecoin or LTC has faced a bullish upsurge. In the mid-week of March, the coin was trading in $160-$169 range showing possibilities for upsurge. However, now the pressure turns into the negative results following the collapse of the LitePay. This further suppresses the spirit of the Litecoin. The coin has been lost almost half of its value in March. According to the Coinmarketcap.com, the value of LTC against the US dollar was $214, as of March 01, 2018. This value shows the downfall with its downgrade value by hitting as low as $110 on March 30, 2018.
What are Future Possibilities of the Litecoin for Bouncing Back?
It is true that the total market outlook is still bearish, but the only hope is that it has been made some recovery. The Litecoin/USD pair has seen the downfall of 2% that is below the $120 mark. However, the only ray of hope is that the coin hits up a high value of $124, on March 30, 2018, although it ends up with a closing value of $118.60.
Nevertheless, what can be said is that the Litecoin and the other top cryptocurrency coins are expecting a definite comeback. The outlook of the cryptocurrency market including the Litecoin may reach some higher value towards mid-April. Following the US Tax Day on April 17, 2018, there is an expectation of increased activity in the market as the investors wanted to readily file for 2017 tax returns.
The situation of the Litecoin is said to be a blessing in disguise. Because of the fast transactions and cheap fees, many dark websites are planning to use Litecoin instead of the Bitcoin or Monero. Some cryptocurrency experts believe the fact that Litecoin may follow the trend of the Bitcoin’s performance. According to the recent research, the Litecoin are drawing the attention of the many dark web users, which in turn open up the possible avenues for Litecoins.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Lebatihem via Flickr
TRON Partnership Involves Cloud Computing
It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.
— Justin Sun (@justinsuntron) October 12, 2018
Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.
Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.
However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.
Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?
Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
Furthermore, the country has adopted several…
Ravencoin (RVN) Surges Following Binance Listing
While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.
Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.
Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.
Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.
Ravencoin got listed on Binance prior to MainNet launch
Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.
Getting listed on Binance has brought Ravencoin to the top…
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